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QQQ

Invesco QQQ TrustClose $737.95EOD only

Max Pain

$735.00

Next expiry Jun 23, 2026

Expected Move

±$7.39

1.0% from close

Price Gap

-2.95

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.54

Slightly put-heavy

Consensus

4.0/10

Consensus signal

Published snapshot: Jun 22, 2026 close

End-of-day snapshot

This page reflects QQQ options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Jun 22, 2026 close

QQQ Flow Report

Analysis based on market close June 23, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 3.2% from MP; +0.5 VIX 19

Watch next session: $660 gamma flip; put/call volume ratio

Flow Summary

Net premium: -$998.9M bearish

P/C volume ratio: 1.09

P/C OI ratio: 1.53

QQQ tumbled 3.3% amid heavy put flow and negative gamma. Net premium negative, put OI ratio elevated. Unusual 0DTE OTM call volume appears speculative; bearish bias persists below gamma flip at $660.

Notable Prints

QQQ 2026-06-23 $718.00 Call

Vol: 236,165

OI: 130

Vol/OI: 1816.7x

IV: 5.9%

Notional: ~$236K

Intent: Spec long

Read-through:

QQQ 2026-06-23 $715.00 Call

Vol: 204,001

OI: 127

Vol/OI: 1606.3x

IV: 7.3%

Notional: ~$9.4M

Intent: Spec long

Read-through:

QQQ 2026-06-23 $719.00 Call

Vol: 263,318

OI: 223

Vol/OI: 1180.8x

IV: 6.3%

Notional: ~$263K

Intent: Spec long

Read-through:

QQQ 2026-06-23 $722.00 Call

Vol: 172,227

OI: 174

Vol/OI: 989.8x

IV: 9.4%

Notional: ~$172K

Intent: Spec long

Read-through:

QQQ 2026-06-23 $723.00 Call

Vol: 169,298

OI: 179

Vol/OI: 945.8x

IV: 10.4%

Notional: ~$169K

Intent: Spec long

Read-through:

Institutional Positioning

Call additions: Massive 0DTE call buying $714-$728; low OI suggests speculative.

Put additions: No major put prints; overall put OI high (ratio 1.53).

GEX/DEX consistency: GEX -$690M (short gamma), DEX +260M shares (long delta); inconsistent flow.

OI clusters: Put OI peak ~7.5% below spot as support zone; call OI sparse.

Hedging evidence: Negative net premium (-$999M) suggests put buying for protection.

Max pain context: Spot below MP; delta hedging likely pulls spot toward MP but pin unlikely.

Signal vs Noise

~Massive 0DTE call volume is noise (low OI, expiring worthless).

~Negative net premium is signal of bearish institutional flow.

Key Conclusions

📊Heavy 0DTE call buying is speculative noise, not conviction.

⚠️Negative net premium and short gamma signal vulnerability.

How to Use These Reports

This flow reflects the market close on June 23, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.